Market Research and Analysis » Creating Marketing Plans

What you'll learn this session

Study time: 30 minutes

The purpose and importance of marketing plans
Key components of an effective marketing plan
How to use market research data to create marketing plans
Setting SMART marketing objectives
Developing marketing strategies and tactics
How to implement and evaluate marketing plans
Real-world examples of successful marketing plans

Introduction to Marketing Plans

A marketing plan is like a roadmap that guides a business's marketing activities. It helps businesses focus their efforts, use their resources wisely and make sure everyone is working towards the same goals. Marketing plans are based on market research and help businesses connect with their target customers effectively.

Key Definitions:

Marketing Plan: A document that outlines a business's marketing strategy, activities, timelines and budget for achieving specific marketing objectives.
Marketing Strategy: The overall approach a business takes to reach its target market and achieve its marketing goals.
Marketing Mix: The combination of factors (often called the 4Ps: Product, Price, Place, Promotion) that a business can control to influence consumer buying decisions.
Target Market: The specific group of customers a business aims to sell its products or services to.

Why Marketing Plans Matter – Mini Case Study

When Innocent Smoothies launched in the UK, they had a clear marketing plan that focused on their natural ingredients and playful brand personality. Their plan included distinctive packaging, friendly messaging and community engagement. This well-executed marketing plan helped them grow from a small stall at a music festival to a major brand that was eventually bought by Coca-Cola for over £500 million. Their success shows how a good marketing plan can turn a small business into a household name.

Components of an Effective Marketing Plan

A good marketing plan has several key parts that work together. Let's look at each component:

♥ Executive Summary

A brief overview of the entire marketing plan, including the main goals and how you plan to achieve them. This is usually written last but appears first in the document.

♦ Situation Analysis

An honest assessment of where your business currently stands, including strengths, weaknesses, opportunities and threats (SWOT analysis). This is where your market research data becomes really useful.

♣ Target Market

A detailed description of who your customers are, including demographics (age, gender, income), psychographics (interests, values) and behaviours (buying habits, brand loyalty).

♠ Marketing Objectives

Specific, measurable goals you want to achieve, such as increasing sales by 15%, gaining 1,000 new customers, or launching a product in a new region.

Using Market Research to Create Marketing Plans

Market research provides the foundation for your marketing plan. Without good research, your plan is just guesswork. Here's how to use research effectively:

Types of Market Research for Planning

Different types of research can help with different parts of your marketing plan:

✓ Primary Research

Research you conduct yourself, like surveys, interviews and focus groups. This gives you first-hand insights about your specific customers and market.

✓ Secondary Research

Existing data from sources like government reports, industry publications and competitor analysis. This helps you understand broader market trends.

✓ Quantitative vs Qualitative

Quantitative research gives you numbers and statistics, while qualitative research provides insights into attitudes and opinions. Both are valuable for planning.

When creating your marketing plan, use research to answer these key questions:

Who are your customers and what do they want?
What are your competitors doing and how can you stand out?
What market trends might affect your business?
How do customers perceive your brand compared to others?
Which marketing channels do your target customers use most?

Setting SMART Marketing Objectives

Good marketing objectives follow the SMART framework, making them clear and achievable:

💡 SMART Objectives Explained

Specific: Clear and precise about what you want to achieve
Measurable: Can be tracked with numbers or clear evidence
Achievable: Realistic given your resources and constraints
Relevant: Connected to your overall business goals
Time-bound: Has a deadline or timeframe

📝 Example SMART Objectives

Instead of: "Increase social media followers"
SMART version: "Increase Instagram followers by 20% (from 5,000 to 6,000) within 3 months by posting daily content and running two influencer campaigns."

Instead of: "Boost sales"
SMART version: "Increase online sales of our premium product line by 15% in the next quarter through targeted email marketing and limited-time promotions."

Developing Marketing Strategies and Tactics

Once you have your objectives, you need to decide how to achieve them. This is where you develop your marketing strategies (big-picture approaches) and tactics (specific actions).

The Marketing Mix (4Ps)

The marketing mix helps you create a comprehensive strategy that addresses all aspects of marketing:

🎁 Product

What you're selling and how it meets customer needs. Consider features, quality, packaging and branding.

💰 Price

How much you charge and why. Consider costs, competitor pricing, customer perception of value and different pricing strategies.

🏠 Place

Where and how customers can buy your product. Consider distribution channels, locations, online presence and delivery options.

📢 Promotion

How you communicate with customers. Consider advertising, social media, PR, sales promotions and direct marketing.

Choosing Marketing Tactics

Your tactics are the specific actions you'll take to implement your strategy. For example:

If your strategy is to use social media to reach younger customers, tactics might include creating TikTok videos, partnering with influencers and running Instagram contests.
If your strategy is to position your product as premium quality, tactics might include redesigning packaging, getting endorsements from experts and setting a higher price point.

Case Study: Greggs' Vegan Sausage Roll Launch

In 2019, UK bakery chain Greggs launched their vegan sausage roll with a brilliant marketing plan. Their research showed growing demand for vegan options, so they created a product to meet this need. Their promotion strategy cleverly mimicked Apple product launches with sleek videos and packaging. They also generated buzz by sending samples to influencers and engaging in a playful Twitter exchange with Piers Morgan when he criticised the product. The result? Sales jumped by 14% and their share price rose by 13%. This shows how a well-researched marketing plan with creative tactics can drive significant business results.

Implementing and Evaluating Marketing Plans

A marketing plan is only useful if it's put into action and then measured for success.

Implementation

To implement your marketing plan effectively:

Create a detailed timeline with key milestones and deadlines
Assign specific responsibilities to team members
Set a realistic budget for each marketing activity
Develop systems to track progress and results
Be prepared to adjust your plan if needed

Evaluation

Regularly measuring the results of your marketing activities helps you understand what's working and what needs to change:

📊 Key Performance Indicators (KPIs)

These are the specific metrics you'll track to measure success, such as:

Sales figures and revenue
Website traffic and conversion rates
Social media engagement and follower growth
Customer acquisition cost
Customer retention rates
Return on marketing investment (ROMI)

📝 Review and Adapt

Regular reviews help you improve your marketing plan:

Schedule monthly or quarterly reviews
Compare actual results with your objectives
Identify what worked well and what didn't
Gather feedback from customers and team members
Adjust your strategies and tactics based on what you learn
Document lessons for future marketing plans

Summary: Creating Effective Marketing Plans

A good marketing plan connects your market research with clear objectives and practical strategies. Remember these key points:

Base your marketing plan on thorough market research
Set SMART objectives that align with your business goals
Develop strategies that address all elements of the marketing mix
Choose tactics that will effectively reach your target audience
Implement your plan with clear timelines and responsibilities
Regularly evaluate results and be willing to adapt

By following these steps, you can create marketing plans that help your business connect with customers and achieve its goals. Remember that marketing plans aren't set in stone the best ones evolve as you learn more about your market and customers.

🧠 Test Your Knowledge!